Ethereum price increased today, with strong support around $3000, potentially breaking through $4000 due to the impending 'golden cross'. Over the past seven days, Ether's price has remained between $3000 and $3250, recently rising 9.65%, reclaiming the 50-day moving average, and restoring the bullish trend. Market demand is strong, with multiple addresses purchasing 5.4 million ETH at an average price of $3099. Additionally, newly active whale addresses have accumulated over 27,000 ETH. Technical analysis shows that the 'golden cross' pattern is nearing completion, and historically, this pattern is often accompanied by substantial price increases.
Ethereum price increased today due to strong support forming around $3000, while the upcoming 'golden cross' may push the price to break through $4000.
Ethereum's native token, Ether, has maintained a price between $3000 and $3250 over the past seven days. Currently, this largest altcoin globally is aiming for a further increase towards the $4000 target.
As shown in the chart below, Ethereum has risen by 9.65% in the past 24 hours, reclaiming the 50-day exponential moving average (EMA) on the 4-hour chart, restoring the bullish trend. Ether is seeking to retest the immediate resistance at the previous local high of $3449.
In addition to reclaiming the bullish position above the 50-day moving average, the breakout is accompanied by a confirmed triple bottom pattern, overlapping with the daily order block, which may further strengthen the long-term bullish trend.
Strong demand for Ethereum at $3000
In the past week, Ethereum price has consolidated around $3000, with traders taking advantage of the opportunity to establish a strong demand zone in this price range.
According to data from IntoTheBlock, over 4.45 million Ethereum addresses increased by 5.4 million ETH at an average price of $3099 between $3046 and $3142.
Ethereum inflow/outflow candlestick chart. Source: IntoTheBlock
The demand zone overlaps with the daily order block near $3000
Recently, Cointelegraph reported that 'fresh' whale activity in Ethereum has become prevalent, with one address purchasing over 18,000 ETH last week.
The same whale address has increased its holdings by 9,000 ETH, bringing its total holdings to 27,000 ETH, worth over $88.9 million.
Ethereum whale wallet data. Source: TradingView
ETH price is expected to break through $4000 through the 'golden cross'
From a technical perspective, the daily chart of Ethereum is less than 24 hours away from completing a 'golden cross', a pattern that usually heralds the beginning of a significant price increase.
A golden cross is a technical pattern that occurs when the 50-day moving average (either exponential or simple) crosses above the 200-day moving average, typically signaling a long-term upward trend.
Ethereum 1-day candlestick chart. Source: TradingView
Historically, confirmed golden crosses on the Ethereum daily chart in 2020 and 2023 were accompanied by a strong upward trend exceeding 100%. From the daily chart, bullish momentum has already begun to appear.
Meanwhile, independent analyst and trader Rekt Capital pointed out that Ethereum price is breaking out of a short-term bullish flag pattern on the weekly chart. He stated:
"If the breakout is confirmed, ETH will retest the resistance level around $3700."
